Biogen Idec Strikes Potential $345M Deal with Knopp to Develop ALS Drug
Summary
The Weston, MA-based biotech powerhouse (NASDAQ:BIIB) says today it has landed a deal with Knopp Neurosciences to develop an experimental drug for amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease.The disease attacks nerve cells in the spinal chord and brain, eventually robbing its victims of the ability to move parts of their bodies such as their arms and legs.“ALS is a devastating disorder and, with only one approved therapy, there is a tremendous need to provide more therapeutic options for patients,” George Scangos, Biogen’s CEO, said in a statement.“This disease is a natural fit for Biogen Idec, given our global capabilities in neurology, and we look forward to beginning a Phase III program.” There are an estimated 20,000 Americans who suffer from ALS, which most commonly strikes people between the ages of 40 and 60, according to the National Institutes of Health.While researchers have found genetic causes of the disease in a small percentage of patients, it’s unknown what causes the great majority of cases of the chronic illness.